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Policy changes to the Corporate Social Responsibility mandate
By Noorul Hassan
The introduction of Companies (Amendment) Act, 2020 is the second attempt to decriminalize various offences, the first one being the Companies (Amendment) Act, 2019. The article in this issue of Corporate Amicus discusses at length the various amendments made by the Companies (Amendment) Act, 2020 related to the Corporate Social Responsibility (‘CSR’) mandate, and their implications. It analyses issues like carry forward of excess spend, penalty for non-compliance and new thresholds for formation of CSR Committee. According to the author, gradually, there is an increased recognition to the companies contributing towards social obligations/ causes, particularly in view of COVID-19 and constitution of PM-CARES Fund. The author believes that the changes brought through the 2020 Amendment Act are definitely a measurable step in creating right framework...
Notifications and Circulars
Independent directors – Compliance for online proficiency self-assessment test relaxed
Compromises, Arrangements and Amalgamations – Rules amended
Code on Wages – Certain provisions effective from 18 December 2020
Depository Receipts to NRIs – SEBI revises framework
Audit of companies – Companies (Auditor’s Report) Order, 2020 effective from 1 April 2021
CSR funds can be used in public outreach campaigns for COVID-19 Vaccination programme
State Co-operative Banks and Central Co-operative Banks – Application of Banking Regulation Act, 1949
Scheme of Arrangement by Listed Entities – SEBI notifies Master Circular
Relaxation under Rule 19(7) of the Securities Contracts (Regulation) Rules, 1957 – SEBI notifies Master Circular
Companies (Amendment) Act, 2020 – Certain provisions effective from 21 December 2020
Payments for goods/ services in Government e- Marketplace – Procedure revised
Ratio decidendi
Corporate Insolvency Resolution Process can be initiated against principal borrower as well as corporate guarantor, simultaneously – NCLAT
NCLAT directs a company to redeem debentures under Section 71(10) of the Companies Act, 2013 – NCLAT
News Nuggets
Arbitration – Supreme Court propounds test for non-arbitrability
Tender – Mentioning of HSN Code in tender document when important
Insolvency – Buy-back transaction – No ‘default’ if financial creditor not fulfilled agreed consideration
Insolvency – ‘Avoidance of preferential transactions’ application not survives beyond conclusion of resolution process
Legal metrology – Only online registrations from 1 January 2021
Industrial Relations Code – Draft Model Standing Order published for various sectors, including service sector
SEBI approves various amendments in SEBI (Mutual Funds) Regulations, 1996, SEBI (ICDR) Regulations, 2018 and other Regulations
